Combine first 4 ingredients in a large saucepan. Stir in sugar and water; bring to a boil. Reduce heat, and simmer 15 minutes. Remove from heat; cover and let stand 12 hours (do not refrigerate).
Bring to a boil, uncovered, over high heat. Reduce heat, and simmer 1 hour and 15 minutes or until thick, stirring occasionally. Place 1 cup preserves into each of 4 sterilized (8-ounce) jars. Cover with lids, and cool upside down on a wire rack. Chill.
Note: Preserves will keep in the refrigerator for up to six weeks.